Summary by Futu AI
XINTIAN GREEN ENERGY CO., LTD. ANNOUNCED THAT IT WILL ESTABLISH AN ENERGY STORAGE COMPANY WITH HEBEI CONSTRUCTION AND CONSTRUCTION ENERGY JOINT INVESTMENT TO EXPAND ITS ENERGY STORAGE BUSINESS. The registered capital of the storage company was RMB2 billion, while Xintan Green Energy, Hebei Construction and Construction Energy paid RMB6,000 million, $8,000 and RMB6,000, respectively, accounting for 30%, 40% and 30% of the registered capital of the storage energy company. Due to the nature of the related transaction, this transaction is subject to the declaration and announcement requirements of Chapter 14A of the Listing Rules, but is subject to the approval of independent shareholders. Shintang Green Energy is expected to be funded in cash using its own funds and will be completed by 31 December 2028. The company said the move will help to increase competitiveness in the energy storage market, reduce investment and operational risks and further promote the company's social, environmental and management development.